The IRS Has a New Web Page for People Making Money From the Sharing Economy

As an Airbnb host, Lyft driver, or anyone else who makes money from the sharing economy, you probably have tax issues at some point. The IRS now has a website dedicated to answering these questions.

The IRS recently launched its Sharing Economy Tax Center, a page dedicated to anyone involved in the sharing economy, gig economy, or access economy. Whatever you call it, if you rent out a spare bedroom, drive strangers, or offer any other personalized service, you should probably pay taxes on the money you earned. At the same time, you are probably eligible for certain business deductions. Here’s how the IRS says it:

if you receive income from the joint economy, it is generally taxed even if you have not received Form 1099-MISC, other income, Form 1099-K, third party payment card and network transactions, Form W-2, wages, and tax statement or other income statement. This is true even if you are doing a part-time job or just a part-time job, and even if you are paid in cash. On the other hand, depending on the circumstances, some or all of your business expenses may be tax deductible in accordance with normal tax restrictions and regulations.

Their new website has information to get these taxpayers off the ground, as well as answers to general questions and questions. It also includes the forms you will need to submit. Visit the Equity Economy Tax Center at the link below.

Equity Economy Tax Center


Leave a Reply